Getting Out of Ohio
A publicly-traded REIT and national skilled nursing operator tenant divested a geographical outlier in the state of Ohio with the sale of their 30-unit assisted living community for an undisclosed price. Located in the town of Mansfield (about halfway between Cleveland and Columbus), the community was the tenant’s only assisted living operation in the state, hence the exit. It opened in the 1980s and has consistently been well occupied with stable cash flow, thanks to their enrollment in Ohio’s Assisted Living Waiver Program. Alternative Living Solutions, a local provider, saw the opportunity to expand the community and acquired it with the help of its regional bank lending partner. Ben... Read More »
Blueprint Sells In Ohio and Florida
Blueprint Healthcare Real Estate Advisors has been anything but a wallflower this year in seniors housing and care deal making and continued their 2018 haul with two more transactions announced at the start of NIC. First, in Dayton, Ohio, Connor Doherty and Michael Segal sold an 87-bed skilled nursing facility that came with a lot of upside. Situated in a desirable, urban infill location adjacent to a local medical center, the facility maintained a five-star rating from CMS. Pretty good. But there were restrictive admissions criteria and a vacant floor that meant census was below market. Taking on the challenge (for an undisclosed price) will be a newly-formed, opportunistic... Read More »
Is the SNF Market Bottoming Out?
On September 27, our Editor Steve Monroe and a panel of experts that included Ryan Chase of Blueprint Healthcare Real Estate Advisors, Eli Kutner of Harborview Capital Partners and Stefan Oh of American Healthcare Investors, debated an important question: is the skilled nursing market approaching a bottom? And if it is, how do we value those facilities considering Medicare Advantage plans are shortening lengths of stay, Medicaid reimbursement dollars are getting squeezed and SNF censuses across the country are steadily declining? After hitting a peak of nearly $100,000 per bed in 2016, SNF values have dropped off about 20%. But demand is still high, and new buyers (big buyers) are hitting... Read More »
KeyBank Plays Key Role In Record Oregon Acquisition
A few weeks ago, we reported the closing of the highest-priced single-asset seniors housing sale in the state of Oregon. Now, we’ve learned that KeyBank Real Estate Capital financed it with a $63.2 million Freddie Mac loan, which Charlie Shoop arranged with a fixed rate, 10-year term, four years of interest only and a 30-year amortization period. Blueprint Healthcare Real Estate Advisors handled the sale on behalf of the original developer/owner, eventually securing a $92 million, or $321,700 per unit, purchase price from the buyer, Strategic Student & Senior Housing Trust. That represented a 6.4% cap rate based on estimated trailing EBITDAR. Integral Senior Living, the property’s... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
